Worst day since Brexit, $35 billion wiped from ASX

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The Australian sharemarket suffered its worst day since the Brexit vote, with nearly $35 billion in value wiped off the board after global financial markets were hit hard by fears a September US rate rise is on the horizon. 
No sector was spared, but materials and energy stocks were hit the hardest as commodity prices fell. Just five out of the top 200 stocks posted a gain, including QBE Insurance and Tatts.
The benchmark S&P200 Index and the broader All Ordinaries Index each dropped 2.2 per cent to 5219.6 points and 5319.1 points respectively, their biggest falls since the United Kingdom voted to leave the European Union in late June.
Investors were spooked by a heavy sell-off in government bonds and investors rushed out highly leveraged companies and those who have benefited from historically low interest rates. 

Resource giants BHP Billiton lost 4 per cent and Rio Tinto slid 2.4 per cent, while the big four banks dropped between 1 and 2.5 per cent. 
Telstra, Sydney Airport and South32 also weighed heavily on the market.
One of the few winners of the day was rural services provider Elders which upgraded its earnings forecast. Elders is expecting underlying earnings to jump as much as 24 per cent after it decided to stop exporting live animals, sparking a mini rally in its shares, which closed 5.1 per cent higher to $3.68.
Adding further uncertainty to the market was the news that US presidential candidate Hillary Clinton has pneumonia. Any news regarding the US elections has become a major risk factor for global investors.


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